Category: Bitcoin

According to a recent 70-page report by Arcane Research in conjunction with Bitstamp, Bitcoin (BTC) is the future of collateral in the finance industry.

The report notes that Bitcoin is very similar to the internet, considering that it is a “blank canvas” on which developers can build creatively upon in any desired way.

Originally, Bitcoin was intended to serve as a cryptographically-secure digital currency. However, digital currency has evolved to be more of a store of value, a speculative asset for trading, and an efficient payment solution that could cause significant disruption in the financial industry.

That said the next step for the benchmark cryptocurrency is still unknown and could take on multiple forms. While many believe that Bitcoin’s next step is becoming the global reserve asset, Arcane believes that Bitcoin will take over the collateral industry.

The company asserted Bitcoin’s seemingly unlimited use cases make it the “greatest speculative asset in history.” For this reason, the asset trades with immense volatility, causing it to be especially attractive to derivatives traders. Derivatives trading is where a new case is expected to blossom.

Arcane reported that the primary cryptocurrency’s use as collateral has been significantly bolstered by the derivatives industry because of digital portability, helping it serve as a proof of concept for other collateral cases.

At the moment, the collateral industry is a $20 trillion market waiting to be tapped into by Bitcoin.

Key BTC Levels to Watch — February 25

Bitcoin appears to be struggling with regaining its bullish momentum, as the cryptocurrency has gotten confined within a consolidation range for the past 24 hours. BTC is currently in a pass-and-play mode between the $51,400 resistance and the $48,500 support amid thinning volume and volatility.

The prospects of Bitcoin falling below the $48k round figure seems very unlikely, at the moment, making a rebound in the coming hours possible. That said, the cryptocurrency would regain bullish stability only after a sustained break above the $52,500 resistance.

Meanwhile, our key resistance levels are at $50,000, $51,400, and $52,500. While our key support levels are at $48,500, $47,000, and $45,000.

Total Market Capitalization: $1.51 trillion

Bitcoin Market Capitalization: $928 billion

Bitcoin Dominance: 61%

 

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The “no boring days in crypto” trope appears to have gained more validation over the past 24 hours. Just a few hours after Bitcoin (BTC) recorded a new all-time high at $58,480 and seemed to be waxing stronger on its bullish momentum, the benchmark cryptocurrency got racked with one of the sharpest declines in its history.

BTC went into an aggressive bearish spiral, losing over $11,000 to print a fresh weekly low at $47,000. However, the cryptocurrency bulls have sent the price back to the $50k region and are working hard to sustain that psychological level.

That said, Bitcoin’s market capitalization has shed more than $100 billion over the past 24 hours, sending it below the $1 trillion valuation level. The entire cryptocurrency market cap has dropped by about $300 billion over the same period.

Altcoins were not left out in the bearish battering, as the entire cryptocurrency market bleeds. Ethereum (ETH) was down by 17%, falling to the $1,470 level at press time. For better understanding, the second-largest cryptocurrency saw a new ATH at $2,040 during the weekend.

Meanwhile, Binance Coin (BNB), which also printed a new all-time high just a few days ago, has dropped by about -22%. Ripple (XRP) is down by -22%, while Litecoin (LTC) is down by -15%. Polkadot (DOT), Chainlink (LINK), and Cardano (ADA) are down by -18%, -24%, and -16%, respectively.

Key BTC Levels to Watch — February 23

Following its recent drop to the $47k low, Bitcoin staged a goodish bounce to the $55k mark. However, the primary cryptocurrency could not break back above our ascending trendline and met more supply, which sent it below the $50k mark once again.

That said, bulls have to defend the $50k support area or risk BTC falling to lower lows ($45,000) in the coming hours. Nonetheless, a good defense of the $50k mark could send BTC into a mild consolidation between the $52,500 resistance and the $50,000 support.

Meanwhile, our key resistance levels are at $52,500, $54,000, and $55,000. While our key support levels are at $48,500, $47,000, and $45,000.

Total Market Capitalization: $1.45 trillion

Bitcoin Market Capitalization: $909 billion

Bitcoin Dominance: 62%

 

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Bitcoin (BTC) has gained more recognition as a payment system over the past few weeks, as a UK-based flight company, PrivateFly, reports that more than 20% of its revenue came from Bitcoin payments.

PrivateFly is a global private jet charter company with a recognized membership on several aviation industry bodies, including the BACA, ACANA, and EBAA.

A better look at the data showed that about 13% of all transactions in PrivateFly in January 2021 came in the form of BTC, while a slightly-lesser 12% can be seen for December 2020. This report shows that BTC use in the company has grown significantly, considering that the company was recording just 25 in BTC payments just a few months back.

The Chief Executive of the company, Adam Twidell, noted that the increase in BTC payments was likely because of the recent spike in BTC price over the past few months. However, he added that many predict more price surges for the cryptocurrency and might prefer to hold their coins rather than spend them.

PrivateFly began accepting BTC payments as far back as 2013 when a customer, who happened to be a tech entrepreneur, flew from Brussel to Nice and paid using the primary cryptocurrency. The company has now set up a new membership program that helps travelers deposit BTC in a holding account and get charged for flights based on the existing value of the asset at the time of booking.

Key BTC Levels to Watch — February 21

Bitcoin continues to maintain its aggressive bullish momentum, despite many calls that a sharp correction was just around the corner. The benchmark cryptocurrency is trading within a converging channel, as bulls now set their eyes on the $60k psychological resistance, following the recent decimation of the $50k barrier.

That said, we expect BTC to consolidate a bit between the $54k level and its recent all-time high at $57,500 before trodding along to the $60k mark.

Meanwhile, our key resistance levels are at $57,500, $59,000, and $60,000. While our key support levels are at $54,000, $52,500, and $51,000.

Total Market Capitalization: $1.75 trillion

Bitcoin Market Capitalization: $1.07 trillion

Bitcoin Dominance: 61%

 

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